Gameplay puts the For Sale sign out again as losses soar

£54.4m in red for 6 months to 31 Jan

Gameplay said today it was up for sale again after admitting it did not have enough cash to see it through to profitability.

The London-based video-game seller issued the statement along with its results for the six months ended January 31 2001.

Losses grew to £54.4 million for the period, compared to £10.4 million the previous year.

Sales increased almost eightfold to £44.5 million.

Gameplay said the sale of assets (including its UK boxed games business for £1) and the "current fragile investment climate" had left the company with cash for the immediate future, but not enough to take it into the black.

"Whilst the Board is examining the feasibility of continuing to operate as an independent entity, in the light of its cash constraints and market conditions, the board is also in discussions with third parties which may, or may not, result in the disposal of all or part of the remaining technology businesses, or alternatively the company itself, or both," it said.

Gameplay's shares slumped 40 per cent to 4.5 pence on the back of the announcement. At their height they were priced at around £10.80. ®